Most condos require homeowners insurance because if if you do damage to another unit or common elements such as hot water heater fails, tub overflows, kitchen fire or whatever the other owners and the Board will expect you or your insurance to pay for the damages.
Keep in mind special projects such as replacing roofs, paving, etc will often cause a special assessment. If I were buying a condo today I would find out how much the condo or coop has set aside in reserves. If there is little or no reserves, then owners will have special assessment for ever major maintenance projects.
I can almost guarantee you that your homeowner dues will increase because the cost of everything is increasing, particularly building maintenance.
Years ago I cancelled my homeowners insurance and long story short it wasn't until last year that I finally got homeowners. Probably went without for over 15 years. Got lucky.